Understanding the Financial Aid Process Presented by Angelica Esparza Senior Financial Aid Advisor Stony Brook University
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Overview Important Things to Know Planning Tools Applying for Federal Aid Applying for State Aid and Scholarships Special Programs Award Packages Filling the GAP Other Miscellaneous InformaFon Important websites
Important Things to Know Deadline Dates Admission & Financial Aid deadlines are different File taxes early each year Each school may require different forms FAFSA Free ApplicaFon for Federal Student Aid CSS Profile College Scholarship Service Profile ETA Express TAP ApplicaFon InsFtuFonal forms Special Circumstances Recent job loss, divorce/separafon, major illness
Planning Tools Net Price Calculator Each school must have one Helps esfmate what your student may qualify for FAFSA4caster FAFSA4caster is an early eligibility esfmator that can help you plan ahead when it comes to paying for college.
Applying for Federal Aid www.fafsa.ed.gov
Applying for Federal Aid Not www.fafsa.com
Applying for Federal Aid Complete online Student and parent can sign electronically using PIN Available January 1 st each year Find out priority deadline for campus based and insftufonal aid FAFSA must be renewed annually
Applying for Federal Aid Can use the IRS Data Retrieval Tool (DRT) for faster and more accurate complefon of the FAFSA. Links to IRS to input some of the tax informafon onto FAFSA Cannot be used by all tax filers Tax informafon typically available 1-2 weeks a^er filing electronic return 6-8 weeks a^er filing paper return
Applying for NYS Aid TAP TuiFon Assistance Program NY State resident Must have completed FAFSA on file Awards range from $500 - $5,000 HESC noffies student via e- mail when ETA available to complete www.hesc.ny.gov
NY State Scholarships NYS offers several scholarships NYS World Trade Center Memorial Scholarship Flight 587 Memorial Scholarship NYS Math & Science Teaching IncenFve Scholarship NYS Scholarships for Academic Excellence www.hesc.ny.gov
Special Programs EducaFonal Opportunity Program (EOP) Also referred to as SEEK or HEOP Requirements include: Ineligible for admission under tradifonal standards but demonstrates potenfal for complefng college program Annual family income within legislated guidelines NY resident, U.S. cifzen or permanent resident Honors Programs
Award Packages How financial aid eligibility is determined: COA (Cost of Ahendance) - EFC (Expected Family ContribuFon) Financial Need COA includes: Direct Costs TuiFon Fees Room and Board Indirect Costs Books TransportaFon Personal Expenses
Award Packages FAFSA informafon sent to schools listed on the applicafon Student must be admihed to receive aid package School will contact student if addifonal documentafon needed Financial aid award package is created Student is noffied Mail Electronic E- mail School portal
Award Packages Federal Grants Pell $605 - $5,645 Supplemental EducaFonal Opportunity Grant (SEOG) $100 - $4,000 Federal Loans Federal Direct Loan Subsidized and Unsubsidized Federal Perkins Loan Federal Direct Parent PLUS Loan Employment Federal Work Study State Grants TAP InsFtuFonal Aid Merit Scholarships Campus Grants Find out terms of theses awards 1 year vs. mulf- year Eligibility requirements
Award Packages - Loans Federal Perkins Loan Must have financial need Repaid to school where loan was received Repayment a^er 9 month grace period Grace begins a^er graduafon or when enrollment falls below half- Fme No interest while student is and school and in grace Interest fixed 5% Federal Direct Subsidized Loan Must have financial need Gov t. pays interest while student is in school and in grace* Interest rate for 2013-2014 fixed 3.86% Rates now Fed to 10- YR T- Bill Repayment a^er 6 month grace period Grace begins a^er graduafon or when enrollment falls below half- Fme Annual loan limit depends on grade level $3,500 - $5,500
Award Packages - Loans Federal Direct Unsubsidized Loan Financial need not required The borrower is responsible for all interest May be paid while in school or deferred Interest rate for 2013-2014 is fixed 3.86% Rates now Fed to 10- YR T- Bill Parent PLUS Loan For parents of dependent undergrad students Financial need not required Borrower must not have adverse credit history Denial gives student addifonal unsubsidized eligibility Interest rate for 2013-2014 is fixed 6.41% Rates now Fed to 10- YR T- Bill Max amount is COA minus other aid received
Award Packages Comparing Offers Need to look at the total cost Consider transportafon, books, and other misc. expenses Evaluate the awards that make up the award package Amount of gi^ aid Amount of self- help Loans Employment Terms and condifons of insftufonal aid Campus based awards Perkins, FWS, SEOG Compare the annual net cost UFlize federal loan calculators to understand what loan repayment will look like a^er graduafon
Filling the GAP Balance can be paid directly School Payment Plans 529 Payment Plans Parent PLUS Loan Private AlternaFve Loan Credit based Student may need co- signer
Other Misc. Info EducaFon tax credits School issues 1098- T Credits described in IRS PublicaFon 970 Talk to your accountant to see if you qualify Parents should speak to employers for scholarships/benefits for their student Look for scholarships Outside of school Community based NaFonal scholarship searches Scholarships that require a separate applicafon AmeriCorps NaFonal & community service Provides funding for educafon in exchange for service EducaFon award up to $5,550 Can be used to pay current or future educafon expenses or repay federal student loans
Important Websites FAFSA www.fafsa.ed.gov 1-800- 433-3243 HESC www.hesc.ny.gov 1-888- NYS- HESC (697-4372) Federal Student Aid www.studentaid.gov AmeriCorps www.americorps.gov 1-800- 833-3722 Scholarship Searches Fastweb www.fastweb.com
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